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Q. Money Paid to Builder as Loan with security of Flat and buyback clause ....not returning

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Balkishan Chandak

posted 1 year ago

Q.Money Paid to Builder as Loan with security of Flat and buyback clause ....not returning
I had paid INR 9.25L to a builder as Loan / Investor when the work of the building had not started with a condition that alll work will be completed with in 3 years and i will have a option to take my money back or the Flat. I have an Allotment Letter signed by the CO. with delay paymnet clause.

Now the Builder is saying that becos of RERA his entire project has delayed by 2 years and doesnt have money to pay, so i need to wait to get my flat after 2 years with around additional 30% costs for Taxes, Duties etc....

I am not intered in taking teh Flat as i had given the money as Loan to him. Can i issue him a Legal Notice under Insolvency Act. I dont want my slef to be treated as Consumer under RERA as this will elongate my case. Please advice

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Srinivas B

Experience: 3 Year(s)

Responded 1 year ago

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A. ) Dear Sir,

This is a Consumer Case, you can file a Consumer Case against that Builder.

Please Consult Advocate along with all the Documents available with you to get clear suggestion and he will suggest you how to proceed with your case or contact me.

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Deepak Yashwantrao Bade

Experience: 10 Year(s)

Responded 1 year ago

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A. ) Dear client kindly issue legal notice through any experienced local lawyer for recovery of your money.

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sistla ramakrishna

Experience: 30 Year(s)

Responded 1 year ago

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A. ) According to terms of agreement opposite party failed to give the project in time, you can file a civil suit for the recovery of the advance amount paid by you with interest as opposite party failed to perform his part of contract. Engage an expert advocate who has experience in filing civil suits for the recovery of money for non performing terms of contract by opposite party in your area.

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Balkishan Chandak

Replied 1 year ago

My querry was :-

Whether this case falls under
1. Insolvency Act or
2. Contracts Act or
3. I will be treated as Consumer ...so under Consumer Court
4. Or under RERA,......
5. or a Crimial Complaint ......misleading, duping etc...

Under which category i have to issue Notice to him and which one will be very harsh to him....so that he comes on teh table to discuss adn settle the matter.......becos i dont want to elongate the matter but settle it.

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Bharat Pawar

Experience: 10 Year(s)

Responded 1 year ago

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A. ) Sir you can issue legal notice for demanding your payment back from builder.

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Balkishan Chandak

Replied 1 year ago

My querry was :-

Whether this case falls under
1. Insolvency Act or
2. Contracts Act or
3. I will be treated as Consumer ...so under Consumer Court
4. Or under RERA,......
5. or a Crimial Complaint ......misleading, duping etc...

Under which category i have to issue Notice to him and which one will be very harsh to him....so that he comes on teh table to discuss adn settle the matter.......becos i dont want to elongate the matter but settle it.

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Reply should be less than 4294967295 characters.

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Shanti Ranjan Behera

Experience: 23 Year(s)

Responded 1 year ago

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A. ) Dear Client,
Please refer to your first para.. where you had opted for either to take your money back or the flat.
Now it is simple, since you do not want the flat( as its is getting delayed and also the cost factor)only option left out for you is to get the money back ( with interest or without interest) must have been written in the Agreement/Terms and Conditions.What has been written and act according to law.
Shanti Ranjan Behera,Advocate

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Balkishan Chandak

Replied 1 year ago

My querry was :-

Whether this case falls under
1. Insolvency Act or
2. Contracts Act or
3. I will be treated as Consumer ...so under Consumer Court
4. Or under RERA,......
5. or a Crimial Complaint ......misleading, duping etc...

Under which category i have to issue Notice to him and which one will be very harsh to him....so that he comes on teh table to discuss adn settle the matter.......becos i dont want to elongate the matter but settle it.

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Shanti Ranjan Behera

Experience: 23 Year(s)

Replied 1 year ago

Dear Client,
What do you want?
Do you want to eat the cake or count the holes in it?
If you want to finish the case/sort out the matter stop reading Law and try to find out a good Advocate through Vidhikarya.com who can do the job for you.Of course at every stage you will be consulted and work will be done as fast as one can do without bypassing the procedure established by law.
Shanti Ranjan Behera
Advocate

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Kishan Dutt Kalaskar Retired Judge

Experience: 34 Year(s)

Responded 1 year ago

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A. ) Dear Sir,

You can get issue a legal notice accordingly and it is best to start the work as early as possible.

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Balkishan Chandak

Replied 1 year ago

My querry was :-

Whether this case falls under
1. Insolvency Act or
2. Contracts Act or
3. I will be treated as Consumer ...so under Consumer Court
4. Or under RERA,......
5. or a Crimial Complaint ......misleading, duping etc...

Under which category i have to issue Notice to him and which one will be very harsh to him....so that he comes on teh table to discuss adn settle the matter.......becos i dont want to elongate the matter but settle it.

Reply is Required

Reply should be less than 4294967295 characters.

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